“The most impactful of the economic policies that I recall him coming out for are these anti-trade policies,” Singer, the head of $27 billion firm Elliott Management, said Wednesday during a panel discussion. “And I think if he actually stuck to those policies and gets elected president, it’s close to a guarantee of a global depression, widespread global depression.”

Trump has threatened other countries with heavy trade tariffs if they don’t renegotiate existing agreements he claims are detrimental to U.S. interests.

The U.S. Chamber of Commerce on Tuesday took issue with Trump’s proposed trade policies, calling them “dangerous” and warned they could sink the country into another recession.